Habib Insurance

Est.1942

Habib Insurance Company Limited

Accounts for the Quarter ended

March 31, 2023

(Unaudited)

Habib Insurance Company Limited

Contents

Company Information

1

Directors' Review

2

Condensed Interim Statement of Financial Position

4

Condensed Interim Statement of Profit or Loss Account

and Comprehensive Income

5

Condensed Interim Statement of Changes in Equity

6

Condensed Interim Statement of Cash Flow

7

Notes to the Condensed Interim Financial Statements

8

Financial Statements - Window Takaful Operations

Condensed Interim Statement of Financial Position

21

Condensed Interim Statement of Comprehensive Income

22

Condensed Interim Statement of Changes in Fund

23

Condensed Interim Statement of Cash Flow

24

Notes to the Condensed Interim Financial Statements

25

Habib Insurance Company Limited

Company Information

Board of Directors

Chairman

:

Rafiq M. Habib

Directors

:

Mansoor G. Habib

Muhammad Hyder Habib

Qumail R. Habib

Aun Mohammad A. Habib

Shahid Ghaffar

Ali Fadoo

Maleeha Humayun Bangash

Shabbir Gulamali

Chief Executive

:

Syed Ather Abbas

Chief Financial Officer

:

Murtaza Hussain

Company Secretary

:

Muhammad Maaz Akbar

Auditors

:

M/s. Grant Thornton Anjum Rahman

Chartered Accountants

Share Registrar

:

M/s. CDC Share Registrar Services Limited

CDC House, 99-B,Block-B

SMCHS, Main Shahrah-e-Faisal

Karachi-74400

Registered Office

:

1st Floor, State Life Bldg. No. 6

Habib Square, M. A. Jinnah Road

P.O. Box 5217, Karachi-74000

Pakistan

:

(92-21) 32424030/38/39

Tel

Fax

:

(92-21) 32421600

UAN

: (92-21) 111 03 03 03

Website

:

www.habibinsurance.net

1

Habib Insurance Company Limited

DIRECTORS' REVIEW

The Board wishes to place on record, their acknowledgement and recognition of the exceptional service and contribution of Mr. Abbas D. Habib. During his tenure of 23 years as Director, he worked for the Company with wholehearted commitment and sincerity and he will be missed.

The Board also welcomes Mr. Shabbir Gulamali as Director of the Company and looks forward to benefitting from his experience and advice.

The Directors are pleased to present the unaudited accounts of the Company for the period ended March 31, 2023.

Reviewing the underwriting results for the first three months of the year, by the Grace of Allah, the written gross premium grew by 37% from Rs. 569.0 million to Rs. 777.8 million with net premium revenue also rising from Rs. 269.1 million to Rs. 415.5 million, an increase of 54%. The underwriting loss of the Company for the period was Rs. 29.5 million largely due higher claims reported during the quarter.

Investment Income for the period under review was Rs. 61.0 million. There was a provision for impairment during the quarter of Rs. 10.9 million. As a result, the profit after tax was Rs. 44.9 million with an earning of Rs. 0.36 per share.

The Board is well cognizant of local and international conditions in these challenging times and our strategy would be to focus on underwriting business without compromising on quality, proactively manage investment portfolio and to further strengthen our internal control systems. This is early part of the year and we pray to Allah that the period to follow will be successful Inshallah.

On behalf of the Board of Directors

Karachi: May 30, 2023

AUN MOHAMMAD A. HABIB

SYED ATHER ABBAS

Director

Chief Executive

2

3

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Habib Insurance Company Ltd. published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2023 09:03:06 UTC.